20150612-JEFFERIES-阜丰集团（0546）：SECOND_PRICE_INCREASE_IN_TWO_MONTHS-207814

Fufeng has adjusted its MSG prices again，the second time since late April.Excluding VAT，the current price of MSG is now between Rmb7，300/t and Rmb7，500/t，some 2% to 3% higher than the previous ASP.Unlike last month，the price increase was not in response to rising costs，implying an expansion in margins.We have increased our net profit forecasts by 9.9%，7.9% and 7.3% for 2015E，2016E and 2017E，respectively.We raise our target price to HK$7.75.We have increased our net profit forecasts by 9.9%，7.9% and 7.3% for 2015.